Charles Edwards, CEO of Capriole, says that Bitcoin is now experiencing a “bump-and-run reversal” that necessitates further upside.
According to one expert, Bitcoin is preparing for a classic trading move that might reach $100,000. BTC/USD is in the middle of a remarkable comeback, having surpassed $26,000 and reached fresh nine-month highs this week.
Although falling below $25,000 at the time of writing, economists are already optimistic about more extended periods after the terrible bear market of 2022.
For Edwards, Bitcoin in 2023 has been a classic example of market behavior. He thinks the most significant cryptocurrency strives to complete a “bump and run reversal pattern.”
“The textbook-perfect Bitcoin ‘Bump & Run Reversal‘ bottom has returned, and the price objective is beyond $100,000.” Edwards gave a summary. For others, sky-high Bitcoin price estimates remain a pipe dream.
Just above the current spot price is a region of formidable resistance that Bitcoin bulls have been unable to overcome. Similarly, key moving averages (MAs) on weekly timescales are uncontested.
He demonstrated that earlier rejections resulted in double-digit losses. “The 200-period moving average is fading as resistance. What if the 200 MA rejects decrease by 10% annually?” He proceeded. “If BTC fails to break the 200 MA shortly, Bitcoin might reject by -12%.”
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